MTN Group approves $375 million buyback as H1 profit momentum strengthens

MTN Group has announced a R6 billion ($375 million) share repurchase programme as the telecommunications giant reported strong earnings growth for the first half of 2026 and reaffirmed its medium-term financial targets.

The buyback was disclosed in the group’s interim financial results for the six months ended June 30, 2026.

The company also reported a 24.4% increase in earnings before interest, tax, depreciation and amortisation (EBITDA) in constant currency terms to R56 billion during the period.

What they are saying

According to MTN, the share buyback will commence after the current closed period and will be executed within the group’s capital allocation framework.

• “Shareholders are advised that the MTN Board has confirmed the implementation of the R6 billion share repurchase programme, which will commence following the end of the current closed period,” the company said.

MTN noted that the repurchases will be carried out by an independent broker under pre-agreed parameters and in compliance with shareholder approvals, Johannesburg Stock Exchange (JSE) listing requirements and applicable company laws.

Commenting on the results, MTN Group President and Chief Executive Officer, Ralph Mupita, said the performance reflected strong execution and progress toward the company’s newly launched Ambition 2030 strategy.

• “MTN delivered a strong consolidated first-half performance in 2026, with growth in our subscriber base accelerating in Q2 2026. We combined double-digit service revenue growth with record EBITDA margins, robust free cash flow generation and a resilient balance sheet.”

He added that the group continued to advance key strategic initiatives, including fintech restructuring efforts and the ongoing IHS transaction.

H1 revenue and subscriber growth

MTN reported that service revenue increased by 9.7% to R115.3 billion on a reported basis and by 17.5% in constant currency terms.

Data revenue rose by 21% to R57.6 billion, while fintech revenue increased by 1.4% to R14.9 billion. In constant currency, fintech revenue grew by 13.3%.

Key operating metrics for the period included:

• Total subscribers increased by 6.7% to 317.7 million.
• Active data users rose by 9.1% to 179.3 million.
• Data traffic grew by 22.8% to 14.3 petabytes.
• Mobile Money (MoMo) monthly active users increased by 12.1% to 70.8 million.
• Fintech transaction volumes rose by 17.2% to 13 billion transactions.
• Fintech transaction value increased by 33.8% in constant currency terms to $330.5 billion.

Syria settlement and growth outlook

MTN also disclosed that it had reached settlement terms with the Syrian government regarding its former investment in the country.

• The agreement authorises a payment of $43.9 million to MTN upon completion of the remaining legal formalities and aligns with the group’s strategy of exiting Middle Eastern markets.
• Looking ahead, MTN said long-term demand for connectivity, fintech services and digital infrastructure remains strong across its markets, supported by increasing digital adoption and financial inclusion.

The group expects service revenue growth to accelerate in the second half of 2026, driven by the normalisation of airtime lending in Nigeria, the full impact of pricing adjustments implemented in 2025 and a recovery in MTN South Africa’s prepaid consumer segment.

Get up to speed

The group’s performance builds on the strong earnings momentum recorded by MTN Nigeria in the first half of 2026.

• MTN Nigeria reported a record profit before tax of N1.09 trillion during the period, representing a 75.4% year-on-year increase, supported by strong data demand, improved operating efficiency and lower financing costs.
• Revenue rose by 25.9% to N2.99 trillion, while profit after tax climbed 70.6% to N707.5 billion.

Following the strong performance, the board approved an interim dividend of N26 per share, payable on September 7, 2026, to shareholders on the register as of August 20, 2026.

What you should know

In the first quarter alone, MTN Nigeria posted a profit before tax of N546.4 billion, up 169.6% year-on-year.

Revenue surged 42% to N1.50 trillion, making it one of the company’s strongest quarterly performances on record.

Earnings per share increased by 166% to N16.95, which is nearly 30% of the 2025 full-year earnings per share.